Factors Affecting Price Elasticity of Demand
The price elasticity of demand of a product reflects the change in the quantity demanded as a result of a change in price.
Types of Price Elasticity of Demand
There are 5 types of price elasticity of demand: Perfectly Elastic, Perfectly Inelastic, Relatively Elastic, Relatively Inelastic, Unitary Elastic.
What is Price Elasticity of Demand? Formula, Example, Measurement
Price elasticity of demand is the measure of a change in the quantity demanded of a product due to change in the price of the product in the market.
What is the Elasticity of Demand? Definition, Formula, Example, Types
Elasticity of demand is a degree of change in the quantity demanded of a product in response to its determinants, such as the price of the product, price of substitutes, and income of consumers.
What is Indifference Curve? Properties, Assumption, Analysis
Indifference curve can be defined as the locus of points each representing a different combination of two good, which yield the same level of utility and satisfaction to a consumer.
What is Law of Diminishing Marginal Utility? Example, Definition
The law of diminishing marginal utility states that as the quantity consumed of a commodity continues to increase, the utility obtained from each successive unit goes on diminishing, assuming that the consumption of all other commodities remains the same.
What is Utility in Economics? Definition, Meaning, Concept, Formula
In economics, utility can be defined as a measure of consumer satisfaction received on the consumption of a good or service.
Supply Curve Shifts
Movement along Supply Curve is when the commodity experience change in both the quantity supply and price, causing the curve to move in a specific direction.
What is Supply Schedule? Definition, Types, Example
In economics, a Supply schedule is defined as a tabular representation of the law of supply.
What is Law of Supply? Exceptions, Assumptions, Example
According to the law of supply, the quantity supplied increases with a rise in the price of a product and vice versa while other factors are constant.
